Section R. 432.1218 - Related party contracts or transactionsRule 218.
(1) Unless otherwise directed by the board, the internal control procedures for disclosure and approval of related party contracts or transactions do not apply to any of the following transactions:(a) Transactions between a casino licensee or a casino license applicant and a supplier licensee.(b) The payment of dividends or other distributions to shareholders.(c) Scheduled repayments of related party debt.(2) A related party transaction shall be in compliance with the internal control procedures set forth in these rules and both of the following provisions: (a) A related party transaction or series of related transactions reasonably anticipated to be greater than $250,000.00 in a 12-month period shall be subject to approval by the board of directors, the owner, or a designee of equivalent level.(b) A reputable and independent organization which is knowledgeable in the area of related party transactions or contracts and which is approved by the board shall provide a written favorable fairness opinion for all related party contracts, transactions, or series of transactions expected to be more than $5,000,000.00, unless otherwise directed by the board.Mich. Admin. Code R. 432.1218